This decline is also reflective of the economic upturn this year.

Communications and Multimedia Minister Salleh Said Keruak said the economic upturn was also seen as Malaysia having a healthy labour market with the minimum wage set to increase in 2018, alongside the low unemployment rate of 3.4% as of October 2017.

“By the end of September 2017, the GDP growth at 5.9% had outpaced the growth of debt at 4.9%.

“This essentially means we have more disposable income to pay off our loans,” he said in a statement to Bernama today.

Salleh said Malaysia’s economic growth for 2017 was supported by the International Monetary Fund (IMF) which had revised its forecast from 4.5% to 4.8%.

“This is expected to remain strong at a projected 5.2% in 2018 by the World Bank,” he added

He said the continued growth was not just statistics, but verified by international financial institutions and most global research firms.

“However, for the government, we are well aware of the need to assist, especially the lower income group and have undertaken a variety of policies.

“It includes healthcare treatment at only RM1, targeted subsidies via BR1M to help ease the burden of the cost of living, book assistance for school children of the lower income group, abolishment of some tolls in urban areas, containing an increase in energy costs by maintaining the electricity tariff and a myriad of programmes to help micro-entrepreneurs, as well as free education for 12 years of schooling, ” he added.

Salleh said prudent policies had brought Malaysia to where it is today and its continuation was needed to continue Malaysia’s economic trajectory.

“The future is certainly bright and will remain such, as long as we believe it to be so. We can get what we wish for,” he added.